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October 1, 2002

Princess lets options lapse
Takeover target P&O Princess has allowed options for two newbuildings at Chantiers de l'Atlantique to expire

The options covered delivery in 2005 and 2006 of two 2,000 berth vessels of the same innovative design as the Coral Princess. The final exercise date for the options was the end of last month.

P&O Princess says Chantiers de l'Atlantique has advised it that it is not in a position to further extend these options which were initially granted at the end of 1999.

"Nevertheless," P&O Princess says it, "remains favorably disposed to acquiring further vessels for its North American brand Princess Cruises and believes that it has a number of attractive alternatives for doing so including ordering further vessels from Chantiers de l'Atlantique with whom it continues to have excellent relations."